Omaha daily bee., 1887-07-02
The Case or Mr.. Field.

ilt tNtiib iOl tnc L1O-
ment dwarfs all others Is the sensational
deal by which Jay Gould and Russell
Sage have got possession, chiefly it wonld
seem in the interest of the former, OF the
entire block Of Manhattan Elevated rail.
road, amounting to about 10000 shares,
which few days ago was held by Cyrus
W. Field. There have been many stories
and great variety of details chronicled
regarding this remarkable transaction,
but the exact facts will probably not be
known until Mr.. Field relates them over
his own signature, which he promises to
do rs soon as the newspapers get through
with their gossip about the matter. This
promised statement will be awaited with
curious interest.
Meanwhile there appears to be no room
for doubt that Gould and Sage have
succeeded IN securing all the Manhattan
stock of which MIR. Field was possessed,
and that they got it at their own figures.
1t has been known or understood for
years that Gould e Field were both per.
sonally and in business affairs the closest
friends, but it would seem that IN this
transaction friendship was not permitted
to play very prominent part. Notwith-
standing the statements of Sage that
Gould really did a great and brave
thing, saving Field from ruin and the
country from a panic, for which every.
body, including Field, should be grateful,
the fact that the seller Of the stock was
compelled to lose several millions of dol
lars in disposing of it, and it is estimated
<bnt Tho hr mn nnrranflI IL, ,ptIlH
will make this amount and something
more, at least shows that there was no
recklessnesS on the part Of Mr.. Gould IN
performing this important service to his
friend and the country. He unquestion-
ably knew that be was entirely safe in
buying stock at 1870 which ruled as high
as 10, and which he can very
likely again advance to that
figure, and while it is just possible that
Mr.. Field may have reason to feel CRATE
full to Mr.. Gould for having taken a quan.
less than 1t was worth in the market, it is
incredible that any reason exists why the
country should thank Mr.. Gould for
transaction that has added several mill
ions to his great fortune and brought alb
solutely no good to another living soul.
1t is obviously ridiculous to imply that
the transfer of this stock from Field to
Gould averted panic. 1t is conceivable
that if Field had been compelled to
throw his stock on the market the re-
suit might have been damaging to
those who were carrying it for him,
and doubtless the added shock to the
market at that time, being IN somewhat
sensitive condition, would have aggra-
waited the feeling of dstrust, but it would
not have caused panic. Looking at
the situation as speculator, Mr.. Sage
took the only view he was capable of
taking, but it Is an erroneous view. The
only credit that belongs to Gould is that
of shrewd speculator who took full ad-
vantage of the opportunity to at once in
crease and protect his own interests, for
which alone he was concerned.
The most notable disclosure
| made by this transaction is the
fact that Cyrus w. Fields ywealth
was very greatly overestimated.
He was believed to be one of the very
rich men of the courtry, ranking below
not more than half dozen others in the
value of his possessions. Estimates of
his wealth have placed it as high as
| $50, 100000, whereas 1t turns out that he
was really not worth at any time above
one.tenth Of that amount, if so much
The Manhattan stock of which he has
just disposed had been carried largely on
borrowed money, and when this resource
was exhausted he was forced to sell at a
less price than the average cost of the
stock to him. He still has what the
great majority of people will regard
as very comfortable fortune, but
no has tumbled far below the list of con-
spicuously wealty men with whom the
general opinion associated him week
ago. 1t would also appear that he has
received great deal more credit as q
sagacious financeer than he deserved.
The misfortune Of Mr.. Field in this
matter, if misfortune It be, will not bring
him any great amount of sympathy He
has been speculator willing to profit by
speculation, and there are not many that
will regret that he has met discontinue.
Whatever regret there may be will come
from the fact that his loss is the gain of a
speculator far more unscrupulous and
dangerous than he ever was or could be.
In other respects Cyrus w. Field has
been most useful man, and this episode
in his career will not detract from the
honor that he won in other fields than
that of mere money getting.
ms